Frasers Property (formerly: Frasers Cpt (FCL))

[greengiraffe]

http://www.tripadvisor.com.au/Hotel_Revi...lonia.html

likely a 3 star hotel but certainly something that must have fit in their vulture hunting criteria... v small $ but indicative that they are not just sitting there waiting for $ to drop from the sky.

Anyway, Towkay owns 88% of both F&N, FCL, his shrewed business moves will be more than align with minorities.

Vested
GG

The company is picking up valuable "distress asset" in Europe, albeit a small venture. Will more be coming?

(vested)

ACQUISITION OF 100% SHAREHOLDING INTEREST IN TEYCOTEL BCN, S.L

Pursuant to Rule 704(17)© of the Listing Manual of the Singapore Exchange Securities Trading Limited, Frasers Centrepoint Limited (the “Company” or “FCL”) wishes to announce that FCL (Fraser) Pte. Ltd. (“FFPL”), a wholly-owned subsidiary of the Company, has acquired 100% of the issued share capital (the “Shares”) of Teycotel BCN, S.L. (“Teycotel BCN”), a company incorporated in Spain (the “Acquisition”), from (a) Teyco, S.L., (b) Pilsuna, S.L., © Barsedana Inversions, S.L, (d) Agricola Sumol, S.L. and (e) Grupo Ofmoda, S.L (the “Sellers”).
Teycotel BCN is the owner of “Hotel Porta Marina” (the “Hotel”), which is located in Barcelona, Spain. Teycotel BCN also holds all the shares in Teycotel Gestio Hotels, S.L. (“Teycotel Gestio”), the operator of the Hotel.

The consideration for the Shares is approximately €948,000 (approximately S$1,642,000) (the “Purchase Price”), and was arrived at on a “willing-buyer, willing-seller” basis, taking into account the net tangible asset value of Teycotel BCN as at 31 March 2014 of approximately €877,000 (approximately S$1,518,000). The Purchase Price is payable in cash and funded from internal sources.

As part of the Acquisition, the Company has also by way of shareholder’s loan to Teycotel BCN procured repayment of certain outstanding loans and debts owing by Teycotel BCN and Teycotel Gestio amounting to approximately €4,528,000 (approximately S$7,840,000).

http://infopub.sgx.com/FileOpen/Acquisit...eID=293217